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• Company's 2014 revenues grew by 75 per cent to AED 103.765 million
• A 55 per cent increase in liquid assets to reach AED 1.32 billion
• Property rights registered 18 per cent increase to AED 324 million
• Value assets rose by 37 per cent to AED 2.19 billion
UAE - aafaq Islamic Finance, a leading provider of Islamic finance products and e-government services in the UAE, has approved a cash dividend of 30% during its recent regular general assembly. The company, which achieved a strong financial performance in 2014, said the amount is still subject to the final approval of the Central Bank of the UAE.
Last year, aafaq attained substantial financial growth and significant operational improvement. It registered an unprecedented net profit increase of 101 per cent to reach AED 85.25 million from AED 42.43 million in 2013. The company's 2014 revenues also climbed by 75 per cent to AED 103.765 million compared with 2013's AED 59.302 million.
During the same period, aafaq's liquid assets jumped by 55 per cent to reach AED 1.325 billion from AED 857 million, while total assets increased by an average of 37 per cent to AED 2.191 billion from 2013's AED 1.594 billion. Additionally, property rights surged by 18 per cent to reach AED 325 million from AED 275 million in 2013.
Dr. Mahmoud Abdalaal, CEO, aafaq Islamic Finance, said: "Our strong financial performance in 2014 was the result of our exceptional initiatives and ambitious strategic goals aimed at solidifying our position as a leading financial corporation in the UAE. We also attribute the company's 100 per cent profit growth to the implementation of revenue generation and operational cost reduction measures as well as managerial and operational improvements. Diversification of cash resources also helped increase our cash reserves last year. All these factors played a major role in improving our overall performance and raising our revenues despite global financial and economic challenges."
Dr. Abdalaal added: "The value of our total assets and revenues has been rising over the past few years but 2014 was one of our best years by all accounts. Our total assets and revenues achieved growth rates of 37 per cent and 75 per cent, respectively, last year compared with 23 per cent and 72 per cent recorded between 2010 and 2013. Effective resource investments in high-yielding assets led to these positive results."
"Inspired by our achievements, we will further intensify our efforts to ensure our continuous success. We will invest heavily in our human capital and other resources for further improvement. We will also remain steadfast in our objectives to provide top and high-quality Islamic financial services to meet our customers' expectations. By continuously implementing exceptional services and initiatives, we are contributing to Dubai's efforts to become the capital of the Islamic Economy," he concluded.
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About aafaq - Islamic Finance
Backed by an eminent and respected group of shareholders, aafaq - Islamic Finance was established in 2006 to provide innovative Islamic financial services and products that comply with Islamic Sharia across the UAE and the Region.
The company's strategic focus is set towards exploring and discovering available opportunities within various business sectors in order to achieve the highest return for its shareholders. aafaq holds strategic partnerships with the Ministry of Finance and the Ministry of Labor, Department of Economic Development - Dubai, DMCC, NASDAQ Dubai, Menacorp, Tas'heel Centers, flydubai and Airarabia.
The company, which works closely with some of the world's leading financial institutions, offers a variety of high-quality financial services like Corporation Finance, Retail Finance, e-Dirham, Labor Guarantees, Wages protection system, Payment for the DED, flydubai reservation payment, airarabia reservation payment. aafaq outlets exist in 58 "Tas'heel Centers and government departments across UAE.
For More information please visit website: www.aafaq.ae
For further information, please contact:
Orient Planet PR & Marketing Communications
P.O. Box: 500266
Dubai, United Arab Emirates
Tel: 00971 4 4562888
Fax: 00971 4 4549528
Email: media@orientplanet.com
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© Press Release 2015
